The Supreme Court has quashed the conviction of Senator Peter Nwaoboshi (Delta North) and his sentencing to seven years imprisonment for offences of fraud and money laundering.

The apex court ordered his immediate release from Ikoyi prisons in Lagos, where he is currently being held.

In a judgment on Friday, the Supreme Court also freed the two companies – Golden Touch Construction Project Ltd and Suiming Electrical Ltd, tried with him on a two-count charge brought against them by the Economic and Financial Crimes Commission, EFCC.

The EFCC had accused Nwaoboshi and his companies of illegally acquiring a property named Guinea House on Marine Road, in Apapa, Lagos, for N805 million, property said to belong to the Delta State Govt.

The anti-graft agency had claimed that part of the money paid for the property was transferred by Suiming Electrical Ltd. on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, adding that the funds were believed to be proceeds of their illicit activities.

In a split decision of four-to-one, the Supreme Court set aside the July 1, 2022 judgment of the Court of Appeal, Lagos, which had reversed their discharge and acquittal by a Federal High Court in Lagos.

In a lead judgment by Justice Emmanuel Agim, the apex court held that Nwaobishi and the two companies were unjustly and maliciously prosecuted by the EFCC for committing no offences known to law.

It faulted the EFCC for subjecting them to needless criminal trial in relation civil transaction.